Kalshi has filed with the U.S. Commodity Futures Trading Commission to list perpetual futures tied to gold and silver, extending its product range beyond cryptocurrency-linked contracts and further into traditional markets.

The proposed products, filed on September 9 under CFTC Regulation 40.2(a), are named GOLDPERP and SILVERPERP. If listed, they would give eligible U.S. traders cash-settled exposure to the spot prices of the two metals without requiring physical delivery.

Contracts tied to spot metal prices

According to the filing, both contracts would track U.S. dollar spot prices for gold and silver. Kalshi plans to use pricing data from Pyth Network for the products’ reference rates.

The contracts would settle in U.S. dollars rather than in physical metal. That means traders would gain or lose based on price moves in the underlying metals, but would not receive bars or coins at settlement.

Perpetual structure removes expiry dates

Unlike traditional futures, the proposed contracts would not have a fixed expiration date. Instead of closing out at a set monthly or quarterly maturity, they would remain open on a continuing basis.

Kalshi said regular funding payments would be used to help keep the contract prices aligned with their underlying markets. The perpetual format is also designed to let participants maintain positions without repeatedly rolling them into later-dated contracts, a process the company expects could lower costs for longer-term exposure.

Around-the-clock trading and key risks

The filing says GOLDPERP and SILVERPERP would trade 24 hours a day, seven days a week, including weekends and holidays. That would allow customers to adjust positions even when major U.S. metals markets are closed.

At the same time, perpetual futures can expose traders to funding costs and liquidation risk, particularly when leverage is involved. The proposed products are also materially different from owning physical gold or silver, since they are cash-settled financial contracts rather than direct holdings of the metals.

Part of a broader expansion beyond crypto

The precious metals filing follows Kalshi’s recent push into crypto perpetual futures. The platform now lists contracts linked to 18 cryptocurrencies, including Bitcoin, Ether, XRP, and Solana.

If the CFTC filing moves ahead, gold and silver would mark a notable expansion of that model into non-crypto assets. The next confirmed step is regulatory review of the September 9 submission for GOLDPERP and SILVERPERP under the CFTC process cited in the filing.

Source: Coin Edition